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Unipolsai Assicurazioni 2014 Consolidated Financial Statements

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Unipolsai Assicurazioni 2014 Consolidated Financial Statements UnipolSai Assicurazioni 2014 Consolidated Financial Statements UnipolSai Assicurazioni S.p.A. _____________________________________________________ Registered Offices at Via Stalingrado 45, Bologna - Fully paid-up share capital €1,996,129,451.62 Tax Code and Bologna Register of Companies No. 00818570012 - R.E.A. No. 511469 Authorised insurance company pursuant to Art. 65, Royal Decree no. 966 of 29 April 1923, converted to Law no. 473 of 17 April 1925. Entered in Section I of the Insurance and Reinsurance Companies List at No. 1.00006 and a member of the Unipol Insurance Group, entered in the Register of Insurance Groups - No. 046. Company subject to management and coordination by Unipol Gruppo Finanziario S.p.A. www.unipolsai.com - www.unipolsai.it 2014 Consolidated Financial Statements Bologna, 19 March 2015 CONTENTS Company bodies .......................................................................................................................... 7 Introduction Macroeconomic background and market performance ............................................................... 9 Principal new legislation ............................................................................................................ 14 Graph showing Consolidation Scope at 31 December 2014 .................................................. 17 MANAGEMENT REPORT Preamble ...................................................................................................................................... 21 Group highlights ........................................................................................................................... 29 Management report ...................................................................................................................... 31 Salient aspects of business operations ........................................................................................ 40 Insurance Sector .......................................................................................................................... 43 Real Estate Sector ....................................................................................................................... 55 Other Businesses Sector .............................................................................................................. 57 Asset and financial management ................................................................................................. 59 Shareholders’ equity..................................................................................................................... 63 Technical provisions and financial liabilities ................................................................................. 65 Other information Human Resources .................................................................................................................. 67 Social and environmental responsibility .................................................................................. 67 Group sales network ............................................................................................................... 69 IT services .............................................................................................................................. 69 Transactions with related parties ............................................................................................ 71 Report on corporate governance and ownership structures pursuant to Art. 123-bis of Legislative Decree 75 of 24 February 1998 ..................................................... 72 Statement pursuant to Art. 2.6.2, paragraph 9 of the Regulation governing markets organised and managed by Borsa Italiana SpA ...................................................................................... 72 Significant events after the reporting period ................................................................................. 73 Business outlook............................................................... ........................................................... 75 CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2014 CONSOLIDATED FINANCIAL STATEMENTS Statement of financial position ..................................................................................................... 78 Income statement and comprehensive income statement ........................................................... 80 Statement of changes in shareholders’ equity ............................................................................. 82 Statement of cash flows ............................................................................................................... 83 3 NOTES TO THE FINANCIAL STATEMENTS 1. Basis of presentation ................................................................................................................ 87 2. Main accounting standards ..................................................................................................... 93 3. Notes to the Statement of Financial Position ......................................................................... 122 4. Notes to the Income Statement .............................................................................................. 143 5. Other information ................................................................................................................... 150 5.1 Hedge Accounting .......................................................................................................... 150 5.2 Information relating to the actual or potential effects of netting agreements .................. 151 5.3 Earnings (loss) per share ................................................................................................ 152 5.4 Dividends ........................................................................................................................ 152 5.5 Non-current assets or assets of a disposal group held for sale ...................................... 152 5.6 Transactions with related parties .................................................................................... 154 5.7 Fair value measurements – IFRS 13 .............................................................................. 158 5.8 Information on personnel ................................................................................................ 161 5.9 Non-recurring significant transactions and events .......................................................... 163 5.10 Atypical and/or unusual positions or transactions ............................................................. 163 5.11 Criteria to determine the recoverable amount of goodwill with an indefinite useful life (impairment test)................ ..................................................................... ......164 5.12 Notes on Non-Life business .......................................................................................... 167 5.13 Notes on Life business ................................................................................................. 170 5.14 Risk Report ................................................................................................................... 171 5.15 Information requested by Consob pursuant to Art. 114, paragraph 5, of Legislative Decree 58/98.......................................................................................... 189 TABLES APPENDED TO THE NOTES TO THE FINANCIAL STATEMENTS Consolidation scope ................................................................................................................... 194 Consolidation scope: interests in entities with material non-controlling interests ....................... 196 Details of unconsolidated investments ....................................................................................... 197 Statement of financial position by business segment ................................................................. 198 Income statement by business segment .................................................................................... 199 Details of property, plant & equipment and intangible assets ..................................................... 200 Details of financial assets ........................................................................................................... 201 Details of assets and liabilities relating to insurance contracts where the investment risk is borne by policyholders and arising from pension fund management .................................................................................... 202 Details of technical provisions – reinsurers' share ..................................................................... 203 Details of technical provisions .................................................................................................... 204 Details of financial liabilities ........................................................................................................ 205 Details of technical insurance items ........................................................................................... 206 Investment income and charges ................................................................................................ 207 Details of insurance business expenses .................................................................................... 208 Details of other consolidated comprehensive income ................................................................ 209 Assets and liabilities at fair value on
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